FINANCIAL MANAGEMENT AS A TOOL FOR COOPERATIVE DEVELOPMENT IN AKWA IBOM STATE (A CASE STUDY OF SELECTED COOPERATIVE ORGANIZATION IN UYO)

FINANCIAL MANAGEMENT AS A TOOL FOR COOPERATIVE DEVELOPMENT IN AKWA IBOM STATE (A CASE STUDY OF SELECTED COOPERATIVE ORGANIZATION IN UYO)

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ABSTRACT

The thrift cooperative societies major functions are formation of funds from members which are used as a source of capital for other types of cooperative organizations.  The most integral part of administration in co-operative organization is how many are raised and spent to the satisfaction of the investors and the beneficiaries. This study therefore seeks to examine the sources and use of fund and the role financial management in cooperative development, a case study of selected cooperative organizations in Uyo metropolis i.e. the Uniuyo staff cooperative. The strategies adopted in management of funds and the proper procedure, solutions to identified problems.  Data were obtained from both the primary and secondary sources and analyzed data obtained from financial records, hypotheses were formulated and tested using correlation through the provision made by the institution for collection of funds and control.

 CHAPTER ONE

BACKGROUND OF THE STUDY

1.0        INTRODUCTION

Two sectors of the economy exist; they include private and the public sectors. All those businesses established by individual or group comprises the private resources produced for these activities are discretionally acquired and deployed by their owners or no assistance by the government. A profit is the paramount aim of such business.

The planning and controlling of financial resources. Co-operative organization by charter has responsibility for the economic and social development of their areas. The greatest challenge to co-operative organization is their ability to provide these services to the community adequately and satisfaction. A key factor is the ability of co-operative organization is in no doubt, the availability of funds. Unfortunately, the financial resources of the majority of co-operative be it, when compared against the needs to be met presents an unhealthy scorecard.

Financial management in the co-operative organization Uniuyo Co-operatives immediate responsibility is the chief executive, whose role is to advise and provide information to management on timely basis to aid decision making.

This is carried out through a plurality of process within the operation of the governments often described as financial system. A financial system includes accounting, audit, payroll, cash management, costing, financial reports, which is of great concern to co-operative fiscal administration, which deals with the policy, planning and control of financial resources and their allocation. 

Financial management from the above explanation refers to that part of total management which is concerned mainly with raising of funds in the most economic and suitable manner, using these effectively for planning and future           development through financial accounting, cost accounting, budgeting statistics and other means management of financial resources involves more than budgeting or accounting or auditing or all the three put together.

The primary document guiding funds management and control in Uniuyo Co-operative management is the financial memorandum whose sources is the finance (control and management) Act 1988. This Act provides detailed guidelines, rules and regulations to ensure that, operators in co-operative transactions comply with legal requirement.

i.             Preparation of Annual estimate

ii.            Control of Expenditure

iii.           Payment procedure and contracts

The co-operative financial management cycle can be regarded as consisting of phases-planning, programming, budgeting, budget execution and accounting, auditing and review.  These and other control measure operatives in financial system of the co-operative will be explained later in subsequent chapters.

1.1    STATEMENT OF THE PROBLEM

Financial management in the co-operative organization is the inflows and outflows of cash in the firm under inflows co-operative derives its revenue from deposits as well as lodgment of cheque at the same time co-operative spends the money realized from these source on the provision of loan. However, the strategies adopted by the Uniuyo Co-operative in the management of these funds are not done without problems, lack of commitment on the part of the executive and financial managers of the co-operative.

                    Some of the managers are in experienced and people with low proven integrity in the management and control of fund. There is no effective management and control of funds. There is lack of executive project based on contracts given to, in experienced contractors instead of professionals who have experience in the job. Another problem is high re-account expenditure over the amount generated, and other related problems. Based on these therefore, the work was carried out to find solutions to the identified problems in order to ensure viability efficiency and accountability in the selected cooperative organisation in Uyo, Akwa Ibom State.

1.2     RESEARCH HYPOTHESIS

                    From the study objectives, the accompanied hypothesis is formulated and will be testes in the course of this study using the regression statistics.

           Ho:    There are no strategies adopted by the Uniuyo Co-         operative in the management of its financial resources.

           H1:    There are strategies adopted by the Uniuyo Co-operative,       Uyo in the management of its financial resources.

           Ho:    Financial management does not play any significant role in     the management of Uniuyo Co-operative organization.

           H1:    Financial management has a significant role in the          management of Uniuyo Co-operative organization.

1.3     OBJECTIVES OF THE STUDY

The purpose of the study was;

i.             To examine the sources of finances and its expenditure in the co-operative organization in Uyo (Uniuyo Co-operative Scoeity)

ii.            To find out strategies adopted by the Uniuyo Co-operative in the management of its financial resources.

iii.           To identify the problems associated with the Co-operative financial management aid.

iv.          To make recommendation on efficient and effective financial management on bank give to cooperatives.

1.4    SCOPE AND LIMITATION

The study was designed to examine proper financial management in the Uniuyo co-operative and the scope of the study is focused on the co-operative and the work is limited to the financial managers of the co-operatives for analytical purposes. A comparison, the study covers a period of four years (2004 – 2010).

1.5.   RESEARCH QUESTIONS

1.   Who are the financial managers of Uniuyo co-operative?

2.   What are the strategies adopted by the Uniuyo Co-operative in the management of inflows and outflows of funds?

3.   Are the strategies in line with financed and management Act of the country?

4.   What are the problems encountered as a result of using the strategies?

5.   What are the solutions to these problems?

1.6





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